Bitcoin exhibited significant volatility last week, reaching a two-month high before declining. The cryptocurrency is on an upward trend again, hitting $64,500. Crypto analyst Doctor Profit reports that Bitcoin's recent higher high challenges bearish narratives, suggesting potential for continued growth.
The bullish momentum was reinforced by Bitcoin's retest of the 50-day moving average at $60,000. With a potential consolidation phase ending, new long positions are considered around the $60,400 mark, targeting $66,000 in the short term.
A second analyst, TedPillows, highlights Bitcoin's prolonged consolidation below $70,000, similar to past market cycles post-halving. This may indicate an end to this phase, potentially leading to new all-time highs.
Bitcoin's current trading price of $63,835 shows a monthly gain of 17%. Upcoming economic data, including PPI and CPI reports, may impact Bitcoin's price movements.
